Mansfield apartments acquiredJuly 26, 2013
Dolce Living at Mansfield has been acquired by Advenir, a provider of multi-family real estate investment and management services, Now renamed Advenir@Mansfield, the complex is a 334-unit Class A apartment community located in Mansfield. No purchase price was reported.
“Advenir@Mansfield is a top-of-the-market community that offers an extensive list of luxury amenities and highly desirable unit features similar to what you find at premier resorts including a state-of-the art fitness center, internet café and a resort-style swimming pool,” said Todd Linden, chief acquisition officer of Advenir. “The acquisition of Advenir@Mansfield at a favorable basis combined with securing long-term fixed rate 4.5% financing from Freddie Mac, will provide Advenir investors with a sound investment vehicle that has strong in-place cash on cash returns with minimal downside risk.”
Advenir plans minor capital improvements that will increase rental upside. The company will upgrade to wood flooring throughout the living space in specific unit types and add fenced backyards to further appeal to residents with pets.
Advenir@Mansfield is located directly along State Highway 360 and centrally within Mansfield. The complex boasts 1-, 2- and 3-bedroom luxury units ranging from 750 square feet to 1,400 square feet and includes custom cabinetry, stainless steel appliances and island- style kitchens with granite countertops.
Advenir represented itself in the property acquisition and financing was secured by Braden Harmon of Berkeley Point Capital. The Institutional Property Advisors Texas team led by Will Balthrope and Drew Kile represented the seller.
Founded in 1996, Advenir Inc. is a real estate investment company headquartered in Aventura, Fla.